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Mar 30, 2024
Onto Innovation Q1 2024 Earnings Report
Announced first quarter 2024 financial results, driven by AI packaging demand and customer capacity expansions.
Key Takeaways
Onto Innovation reported revenue of $229 million, driven by customer capacity expansions for high-performance computing (HPC) and high bandwidth memory (HBM) supporting AI market growth. The company's GAAP diluted earnings per share was $0.94, and non-GAAP diluted earnings per share was $1.18. Cash from operations was $57 million, representing 25% of revenue.
Revenue reached $229 million, fueled by AI market growth and customer capacity expansions.
GAAP and Non-GAAP gross margin both at 52%.
Specialty and advanced packaging customers revenue set a new quarterly record at $161 million.
Dragonfly® G3 inspection system shipments for AI packaging increased over 30% compared to the previous quarter.
Forward Guidance
For the second fiscal quarter ending June 29, 2024, the Company expects revenue to be in the range of $230 to $240 million and GAAP diluted earnings per share to be in the range of $0.88 to $1.00. Non-GAAP diluted earnings per share is expected to be in the range of $1.14 to $1.26.
Positive Outlook
- Revenue is expected to be in the range of $230 to $240 million.
- GAAP diluted earnings per share is expected to be in the range of $0.88 to $1.00.
- Non-GAAP diluted earnings per share is expected to be in the range of $1.14 to $1.26.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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